Most Southeast Asian stock markets were subdued on Wednesday as fears of a trade war escalated after the United States announced additional tariffs on imports from China, while Vietnam shares scaled a new high.
After market hours on Tuesday, U.S. President Donald Trump announced 25 percent tariffs on $50 billion of annual imports from China, covering around 1,300 industrial technology, transport and medical products.
China's commerce ministry said on Wednesday it "strongly condemns and firmly opposes" the proposed U.S. tariffs and will take counter measures, according to the official Xinhua news agency.
Broader Asian shares excluding Japan were marginally lower, falling 0.07 percent.
Singapore shares fell as much as 0.5 percent, dragged by financials.
Oversea-Chinese Banking Corp Ltd dropped 1.2 percent to a more than 1-1/2 month low, while DBS Group Holdings Ltd and United Overseas Bank Ltd both declined about 0.9 percent.
Thai shares were little changed as gains in the telecom sector was offset by losses in financial stocks.
True Corporation PCL rose as much as 0.7 percent to its highest since Nov. 11, 2016 while Kasikornbank PCL dropped 2.4 percent.
Philippine shares rose as much as 0.5 percent before paring the gains.
"The index has come down by nearly 1,000 points from its peak this year, so there could be some opportunistic bargain hunting," said Fio Dejesus, an equity research analyst at RCBC Securities.
Consumer food and beverage company Universal Robina Corp climbed as much as 2.2 percent, while SM Prime Holdings Inc rose 0.9 percent.
Vietnam shares climbed over 1 percent to a record high of 1,200.580. Real estate investment firm Vingroup JSC rose 2.6 percent to a record high after having gained 58.2 percent this year as of Tuesday's close.
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